Sunday, November 19, 2006

Roll Call

Rise and shine, its time for the Roll Call.

Propertyshark for one time only has a free foreclosure weekend. That’s right, peruse all the foreclosures you want till the end of the weekend.

This is a great move on part of Propertyshark because foreclosures are going to be huge in 2007. And it is one of those features that will keep Propertyshark competitive in the online real estate world. Thanks Kelly.

Barry Ritzholtz gives some more night sweat inducing news on the real estate market and focuses on the huge drop of building permits. Perhaps the most telling quote was from Phillip Neuhart, an economist at Wachovia, who said: "This is a shocking number. The market is going to remain weak well into next year

New Jersey's leading home foreclosure database warned today that a key indicator of housing market instability in the state has jumped substantially from 2005 to 2006 - indicating that the state's stalled-out housing market may have a rocky road ahead to recovery.According to statistics compiled by the state's leading online foreclosure data service, SheriffSalesOnline.com, the number of lis pendens filed in the state of New Jersey has risen 44% -- from 2,486 in the third quarter of 2005 to 3,577 in the third quarter of 2006.

And those of you who are getting into arguments with people who think New York City is bubble proof, well you can use this latest NYT article to smack them into reality.

The most startling aspect of this article is this part.

In some cases, developers are trying to sell their lots before they start construction. “I’m getting five calls a week from people who own sites and want to sell them,” says Michael Forrest, a senior associate who works in the New York office of Marcus & Millichap, a real estate investment brokerage based in Encino, Calif. “I’m surprised at how many developers are running for the hills.”

Remember people, real estate development depends on timing and if developers are playing cut and run in New York City, well, that should be an indication how screwed things are.